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In a staggering rapid drop, the Lebanese pound has continued falling against the dollar on Saturday. Lebanon’s currency has now lost over 85% of its value.
Trading for over 12,000 L.L. now on the parallel market, black market traders are selling the dollar for 12,400 L.L. and buying it for 12,300 L.L.
Yesterday, the price of the dollar reached and exceeded 11,000 L.L. for the first time in history. It is continuing to break its own exchange rate record.
Lebanon’s currency is “exploring uncharted territories,” wrote Lebanese writer, Miled Bared, on social media.
The quickly deteriorating situation is fueling the revival of the “thawra” as people take to the streets to call for a transitional government to help get Lebanon back to safety.